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Iran plans to raise daily crude production to 4.7m barrels

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Baku, September 1, AZERTAC

Iran wants to increase crude production from its current level of 3.8 million barrels to 4.75 million barrels per day, according to Mansour Moazami, deputy minister of Industry, Mine and Trade of Iran on Tuesday.

According to Anadolu Agency, Moazami, who is also former managing-director of the National Iranian Gas Company, said in his speech at the ONS 2016 Energy Conference in Norway's Stavanger city, that Iran's oil industry needs to promote its strategic role with the introduction of new policies.

Having established that hydrocarbon resources still remain the most significant energy source by 2050, Moazami said that Iran's new policies will involve the implementation of a 20-year outlook for Iran's oil industry which has been compiled focusing on four pivotal issues.

"Based on the first issue before 2025, Iran, in value terms, will be the biggest producer of petrochemical products in the region. Secondly, by the end of 2025, seven percent of the world's oil demand will be met by Iran," he said.

The Minister added that the third phase focuses on Iran becoming the third biggest producer of gas and gas products globally with a share of 8 to 10 percent. And the fourth phase aims for Iran to become the first in oil and gas technology in the region.

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